Alibaba rakes in $75b in gross merchandise volume during Singles Day sale

China’s tech giant Alibaba Group announced that it has generated 498.2 billion yuan (US$75.3 billion) in gross merchandise volume (GMV) during the 11-day Singles Day campaign from November 1 to 11. This is an increase of 26% compared to the same period last year.

Photo credit: Alibaba

During the 11.11 global shopping festival, the company claimed that over 470 brands achieved more than 100 million yuan (US$15.1 million) in GMV. It handled 583,000 orders per second during the peak of activity, and its logistics data platform operator Cainiao Network processed more than 2.3 billion delivery orders cumulatively, according to a statement.

With over 30 livestreaming channels featured on its video-streaming platform Taobao Live that each generated more than 100 million yuan (US$15 million) in GMV, livestreaming has become an “indispensable” marketing tool, the company added.

During the campaign period, Alibaba saw a few trends, namely strong demand for imported products as a result of the restrictions on overseas travel due to the pandemic and consumers’ conscious spending to improve and support their personal health.

“Against the backdrop of China’s continued economic and retail sentiment recovery, this year’s 11.11, an 11-day campaign, presents new opportunities for merchants and is set to revive consumption more widely in society,” said the company.

See also: Why Carousell boycotted the 11.11 Singles Day sales event

Meanwhile, Alibaba rival JD.com said it recorded 271.5 billion yuan (US$41 billion) in transaction volume during the same period.

Currency converted from Chinese yuan to US dollar: US$1 = 6.62 yuan.